适度宽松货币政策下的价格总水平运行分析

Research on Movement of Overall Price Level with Moderately Loose Monetary Policy

近年来,我国经济环境发生了显著变化,中央银行调控货币政策的手段、能力日渐成熟。适度宽松的货币政策对于抑制通缩预期,提振市场信心,防止陷入通货紧缩与经济下行相互加强的恶性循环,促使经济回暖发挥了至关重要的作用。但是,在全球经济总体回暖、货币条件较为宽松的大背景下,国内外通胀预期也有所增强。因此,正确把握新形势下我国货币供应量与价格总水平波动之间的关系,对于未来货币政策的实施具有重要实践意义。

In recent years, China＇s economic environment has undergone significant changes, and the tools and capacity that central bank control monetary policy have gradually matured. Moderately loose monetary policy has played a vital role on suppressing deflation expectations, boosting market confidence, preventing plunging into a vicious cycle that deflation and recession mutually reinforce, and promoting economic rebound. However, under the background of the overall rebound in the global economy and loose monetary conditions, domestic and foreign inflation expectations have also been enhanced. Therefore, correctly grasping the relationship between China＇s money supply and price overall level fluctuations under the new situation has important practical significance on the implementation of future monetary policy.